New apartment tower to be Houston's tallest

Rendering of 40-story high-rise called 2929 Weslayan. RTKL designed the building.

Rendering of 40-story high-rise called 2929 Weslayan. RTKL designed the building.

Photo: PM Realty

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A sign announces the development as Bulldozers begin construction on a new high-rise called 2929 Weslayan, at 2929 Weslayan, Thursday, Nov. 8, 2012, in Houston. PM Realty is developing the building, which just broke ground at the corner of Weslayan and West Alabama. At 40 stories, the building will be one of the tallest residential towers and possibly the tallest rental building in the city. ( Karen Warren / Houston Chronicle )

A sign announces the development as Bulldozers begin construction on a new high-rise called 2929 Weslayan, at 2929 Weslayan, Thursday, Nov. 8, 2012, in Houston. PM Realty is developing the building, which just

Bulldozers begin construction on a new high-rise called 2929 Weslayan, at 2929 Weslayan, Thursday, Nov. 8, 2012, in Houston. PM Realty is developing the building, which just broke ground at the corner of Weslayan and West Alabama. At 40 stories, the building will be one of the tallest residential towers and possibly the tallest rental building in the city. ( Karen Warren / Houston Chronicle )

Bulldozers begin construction on a new high-rise called 2929 Weslayan, at 2929 Weslayan, Thursday, Nov. 8, 2012, in Houston. PM Realty is developing the building, which just broke ground at the corner of

Bulldozers begin construction on a new high-rise called 2929 Weslayan, at 2929 Weslayan, Thursday, Nov. 8, 2012, in Houston. PM Realty is developing the building, which just broke ground at the corner of Weslayan and West Alabama. At 40 stories, the building will be one of the tallest residential towers and possibly the tallest rental building in the city. ( Karen Warren / Houston Chronicle )

Bulldozers begin construction on a new high-rise called 2929 Weslayan, at 2929 Weslayan, Thursday, Nov. 8, 2012, in Houston. PM Realty is developing the building, which just broke ground at the corner of

Rendering of lobby of 2929 Weslayan. RTKL designed the building. PM Realty Group is developing it.

Rendering of lobby of 2929 Weslayan. RTKL designed the building. PM Realty Group is developing it.

Photo: PM Realty

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New apartment tower to be Houston's tallest

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The amenities at Houston's tallest apartment building will be top-of-the-line. The views may be even better.

"Views are very important in the high-rise rental market," said Bryant Nail, executive vice president of development forHouston-based PM Realty Group. "The higher you go, the better views you get."

PM Realty has started construction on the new high-rise, a rental building for the very well-heeled that will soar 40 stories. When it's completed in about two years, it is expected to be Houston's tallest apartment building.

The project, named 2929 Weslayan, is at the northeast corner of Weslayan and West Alabama. The River Oaks neighborhood and upscale Highland Village shopping center are nearby.

Few residential buildings in Houston rise this many stories and the ones that do are condominium towers where the units are sold, not rented.

More Information

Houston's tall rental buildings*

One Park Place

1400 McKinney St.

Stories: 37

Units: 346

Year built: 2008

1200 Post Oak

1200 Post Oak Blvd.

Year built: 2003

Stories: 33

Units: 356

Dominion Post Oak

2323 McCue Rd.

Stories: 31

Units: 230

Year built: 2005

Mosaic on Hermann Park

5927 Almeda Rd.

Stories: 29

Units: 396

Year built: 2009

Memorial By Windsor

3131 Memorial Ct.

Stories: 25

Units: 330

Year built: 2009

7 Riverway

7 Riverway

Units: 175

Stories: 21

Year built: 2006

Museum Tower

4899 Montrose Blvd.

Stories: 19

Units: 187

Year built: 2002

Post Rice Lofts

909 Texas

Stories: 18

Units: 308

Year redeveloped: 1998

The Fountains at Memorial City

9870 Gaylord Dr.

Stories: 13

Units: 114

Year built: 2010

Halstead

4620 N. Braeswood

Stories: 9

Units: 301

Year built: 2004

The Lofts At Hermann Park

One Hermann Park Court

Stories: 10

Units: 380

Year built: 2005

*Includes properties with at least nine floors that were built since 1995

Source: Apartment Data Services

The tallest rental tower built since 1995 is the 37-story One Park Place in downtown Houston, according to Apartment Data Services, a multifamily consulting firm.

Baltimore-based RTKL designed the Weslayan building. The inspiration, the firm said, came from "the flow and sophistication of an evening gown."

The effect is created through balconies that seem to taper as they move up the building.

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The developer said the site, which totals 1.7 acres, is an appropriate location on a thoroughfare and a street that already have multistory buildings.

"We chose a place to build where this type of building should be built," said Wm. Roger Gregory, PM Realty's executive vice president and chief financial officer.

He said the company has met with area residents. But some still have concerns.

Neighbors concerned

Linda Bloss, whose Willowick Place neighborhood borders the high-rise site, said residents there are worried about such issues as noise, traffic and parking.

"While we understand that these kinds of buildings are being built in Houston," Bloss said, "we hope the developers will work with our little neighborhood - and the neighborhoods around us - in keeping it a good place for everyone to live."

The tower's 254 units will average 1,500 square feet. Many will have three bedrooms.

Rents in the building will be among the highest in Houston, possibly averaging $2.65 per square foot. That's close to $4,000 for an average-size unit, but Nail said that is similar to comparable units in the market.

The building will have top-of-the-line finishes and amenities, the developer said, plus common spaces that include a 20-foot-high wall fountain, a landscaped terrace on the eighth floor and a resort-inspired pool.

Units in the top 11 stories will have direct-access elevators. There will be three penthouse levels with large terraces and downtown views.

Design includes retail

The building was designed to achieve Silver certification from the U.S. Green Building Council's LEED program.

About 12,500 square feet will be dedicated to retail, with a restaurant and perhaps a day spa or market to serve the tenants.

This will be the third high-rise multifamily project for PM Realty, which has two residential buildings in Dallas.

The company will own the building with IBEW-NECA Diversified Underwritten Real Estate Fund of Washington, D.C. Real estate services firm HFF recently arranged a construction loan on the project.